Canopy Investors New Year’s resolution Get out while the getting is still available before you lose everything !!!
WARNING ........ DANGER ......... the writing is on the wall and the predictions of this company I provided have ALLLLLLLLLLLLLL were bang on
Danger Zone: 3 Companies That Could Declare Bankruptcy in 2024
These companies are teetering and could go under in the New Year
- Here is danger zone: three companies that could declare bankruptcy in 2024.
- SunPower (SPWR): The solar company has filed a “going concern” notice with regulators.
- Canopy Growth (CGC): The cannabis producer has already filed for Chapter 11 protection for part of its business.
- Virgin Galactic (SPCE): Richard Branson has ruled out any more funding for his struggling space tourism venture.
Canopy Growth (CGC)
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The stock of Canopy Growth (NASDAQ:CGC) recently dropped 20% in a day on news that the cannabis producer is executing a one-for-10 reverse stock split to avoid being delisted by the Nasdaq exchange on which it trades. Trading at 52 cents a share, Canopy Growth was not in compliance with the Nasdaq’s requirement that stocks maintain a minimum share price of $1. The new stock price began trading on Dec. 20. The reverse stock split comes as Canopy Growth races towards a Chapter 11 bankruptcy filing.
The bankruptcy rumors have gotten louder since Canopy Growth reported a net loss $324.8 million for its latest quarter. That was greater than the loss of $305.8 million that the company posted a year earlier. Revenue in the quarter totaled only $82 million, down 18% from the previous year. Canopy Growth has already obtained creditor protection for its BioSteel Sports Nutrition business unit, and speculation is swirling that the entire company will file for Chapter 11 within months.
Before the reverse stock split, CGC stock had declined 83% in 2023. Five years ago, the company’s share price was above $60.